变量

Q

全样本

国有样本

非国有样本

CENT

0.366***

(7.12)

0.312***

(3.47)

0.453***

(7.08)

SIZE

−0.368***

(−47.61)

−0.327***

(−28.38)

−0.397***

(−37.60)

AGE

0.315***

(30.64)

0.144***

(7.70)

0.403***

(30.39)

LEV

−0.604***

(−13.71)

−0.750***

(−10.44)

−0.517***

(−9.35)

Grow

0.073***

(4.74)

0.052*

(1.83)

0.092***

(5.04)

Cons

8.755***

(48.14)

8.762***

(28.92)

9.036***

(37.69)

IND

YES

YES

YES

YEAR

YES

YES

YES

Adj-R²

0.330

0.397

0.316

F-value

120.168

56.177

83.927

N

21,765

6715

15,050